Nigerians, others, buy up London

Two thirds of Central London house buyers are for foreigners

Foreigners taking advantage of the pounds collapse and the falling house market make up almost two thirds of property buyers in Central London.

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With home prices down by about 20 percent and the pound worth up to 40 percent less against major currencies, London property has become exceptionally good value.

According to estate agent, Hamptons International, Britons now make up only 37 percent of buyers in the capital.

The firms London Director Phil Tennant said: “For many buyers, London is having a half price sale”.

The balance is roughly evenly split between buyers from America, Europe, and the rest of the world including Nigeria, Russia, Japan, India, China and the Gulf States as well as Thailand and Iran.

A buyer using US Dollars can pick up a London property for almost 40 percent less than in December 2007, while a Euro buyer can get about 35 percent off prices a year ago.

For those from countries like Japan with particularly strong currencies, A London property requiring the equivalent of £1m of capital  in December 2007 can now cost as little as £470,000.

Savillus Lucian Cook said: There has definitely been an increase in overseas interest since the start of the year because they’ve started to cotton on to this double discount”.

The bargains are starting to revive a market which saw turnover falling by 60 percent at the end of last year.

It will be recalled that The Chairman of the EFCC, Mrs Farida Waziri recently declared that Nigerian politicians are taking advantage of the global crisis to buy houses all over the world.